Activist hedge fund Elliott Advisors has cut its stake in Swiss biotech firm Actelion to under 3 percent, in a sign it has given up trying to force change in the boardroom or push for a sale. The hedge fund, which had built up a stake of around 6 percent, suffered a severe setback at a shareholder meeting in May when it failed to get its nominated candidates elected to the board. It has since been lowering its stake. According to data published on the website of the Swiss stock exchange SIX on Wednesday, its investment has fallen below 3 percent.